NEW YORK, NY / ACCESSWIRE / February 24, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Inotek Pharmaceuticals Corporation ("Inotek" or the "Company") (ITEK) of the March 7, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased Inotek common stock between July 23, 2015 and December 30, 2016 (the "Class Period"). The case, Whitehead v. Inotek Pharmaceuticals Corporation et al, No. 1:17-cv-10025, was filed on January 6, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the efficacy of its lead drug candidate for glaucoma and the only product it is currently developing in its pipeline, trabodenoson; and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration. Specifically, the lawsuit alleges that Inotek made positive statements about trabodenoson despite knowledge that the MATrX-1 phase 3 clinical trial would fail to meet its primary endpoint.
Then, pre-market on January 3, 2017, Inotek issued a press release announcing that the first pivotal Phase 3 trial of trabodenoson failed to reach its primary endpoint of superiority in the reduction of intraocular pressure compared with placebo at all twelve (12) time points.
After the announcement, Inotek's share price fell from $6.10 per share on December 30, 2016 to a closing price of $1.75 on January 3, 2017 - a $4.35 or a 71.31% drop.
Request more information now by clicking here: www.faruqilaw.com/ITEK . There is no cost or obligation to you.
If you invested in Inotek stock or options between July 23, 2015 and December 30, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/ITEK. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330, or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Inotek's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE: Faruqi & Faruqi, LLP